Top reasons for Kilburn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kilburn property value

The closer a domestic lease in Kilburn gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 125 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Kilburn will qualify for this right; nevertheless a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Kilburn property with a lease extension is almost the same value as a freehold

Leasehold residencies in Kilburn with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be inadequate security.

Why use us for your lease extension in Kilburn?

The conveyancers that we work with procure Kilburn lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Kilburn Lease Extension Example Cases:

Millie, Kilburn, North London,

After unsuccessful correspondence with the freeholder of her basement apartment in Kilburn, Millie commenced the lease extension process as the eighty year mark was quickly nearing. The transaction was finalised in June 2011. The freeholder’s charges were kept to an absolute minimum.

Kilburn case:

Mr Riley Simon moved into a ground floor apartment in Kilburn in February 2012. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Kilburn with a long lease were worth £250,400. The average ground rent payable was £65 invoiced annually. The lease ran out in 2090. Given that there were 64 years unexpired we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 not including fees.